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Equity Roundup: Bear Cycle Continues

US STOCKS

Major indexes were making moderate gains after the London close, have reversed over the last few minutes, still off session lows (small comfort when compared to last weeks high for the month), SPX emini futures -34.5 at 3896.25.

  • Current bear cycle continues: 20- and 50D EMA set-up - is in a bear mode condition and this clearly highlights current market sentiment. Initial key support for SPX is 3815.20 - 38.2% retracement of the Mar ‘20 - Jan ‘22 bull leg. On the upside, key resistance has been defined at 4303.50, the Apr 26/28 high.
  • Little react to pick-up in weekly claims (203k vs. 193k est) and in-line PPI this morning, earning cycle winding down. Tenuous to cite bounce in short end rates (scaling back Wed's more aggressive rate hikes post CPI) for earlier buying equities.
  • SPX leading/lagging sectors: Consumer Discretionary (+1.6%) outperforming as online retailers trade higher (ETSY +14.72%, AMZN +4.53%); Communication Services a distant second (+0.49%) Dish Network +11.57%.
  • Laggers: Outperforming the last few sessions, Energy and Utilities sector leads laggers, -1.08% and -1.42% respectively.
  • Meanwhile, Dow Industrials currently trades -283.75 points (-0.89%) at 31557.6, Nasdaq -28.3 points (-0.2%) at 11343.29.
  • Dow Industrials Leaders/Laggers: After trading weaker Home Depot (HD) finally catches a bid (+7.25 at 290.21), Salesforce (CRM) +4.73 at 166.0. United Health Care (UNH) reverses Wed's gains, currently -11.22 at 474.93, American Express (AXP) -3.95 at 155.44, Visa (V) -3.73 at 193.11.

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